Posts tagged ‘Guidance’

HM Revenue and Customs (HMRC) has always taken a dim view of the late filing of self-assessment tax returns, but it has now introduced significant new penalties for those who fail to meet the deadlines.

The deadline

If you are registered for self-assessment and have not already filed your paper return then you will need to do so online by 31 January 2012. This may still seem a long way off, but it makes sense to start preparing now rather than leaving your return until the last minute, when it will be more difficult to deal with any issues which may arise.

The penalty

Under HMRC’s new regime, late returns will incur an initial fixed penalty of £100.

This will apply even if there is no tax to pay or any tax due for the year has already been paid on time.

If your tax return has still not been filed after three months, then HMRC will impose additional daily penalties of £10, up to a maximum of £900.

After six months, the penalty increases to either £300 or five per cent of the tax, depending on which is greater. The penalty could increase to 100 per cent of the tax due if returns have still not been filed after 12 months.

Late tax

Any overdue tax must also be paid by 31 January. If this deadline is missed then HMRC will impose a penalty of five per cent of the amount due after 30 days, six months and 12 months respectively. It is also worth noting that HMRC will charge interest on top of these penalties.

Stop procrastinating

As with any tax matter, it is always better to act sooner rather than later.

The longer you leave it, the bigger the penalty will be.

At George Hay, we can assist with a wide range of tax matters, including ensuring your self-assessment tax return is filed on time.

Friendly, approachable, reliable professionals

Disclaimer: This article is for general guidance only. All taxation planning should only be undertaken after appropriate professional advice. George Hay Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

Local firm Aspire Recruitment Solutions reports that the REC says “Increased uptake is positive but more apprenticeships are needed to meet youth employment challenge”

The Recruitment & Employment Confederation (REC) has welcomed positive data on the overall uptake of apprenticeships whilst underlining the need to ensure that they provide a genuine route into employments as well as a means of up-skilling existing staff.

The latest figures

Show that over 250,000 apprenticeships have been created in the 2010/2011 financial year, which exceeds the Coalition Government’s targets. However, this includes a big increase in short-term apprenticeships – often taken up by those already in employment. Furthermore, a greater number of these positions have gone to the over 25’s, raising concerns about whether the Government is responding effectively to the UK’s youth unemployment crisis.

Need to accelerate use of apprenticeships

Commenting on this, Tom Hadley, Director of Policy and Professional Development at the REC said;

“The latest data shows some encouraging trends in terms of the overall take-up and progress has also been made in terms of positioning apprenticeships as a credible alternative to university. However, we need to accelerate the use of apprenticeships as a genuine route into the work of work for young job-seekers.”

This was one of the key recommendations of the REC’s Youth Employment Taskforce and the latest statistics do not mask the need for sustained Government action in this area. The recruitment industry can play its part by developing apprenticeships within the sector, and by raising awareness amongst clients and candidates.

New batch of school leavers will flood the employment market

“With thousands of A-level students leaving school at this time of year, it is increasingly clear that young people require targeted, focused assistance. This includes practical guidance on the benefits of apprenticeships and on the sectors where job opportunities are most likely to exist both now and in the future. As well as continuing to actively promote the apprenticeship route, the Government must commit to establishing a careers guidance network that is fit for purpose.” (Taken from the REC website- 15th August 2011)

For more information/advice please contact the friendly team at Aspire on 01954 253440

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I would particularly like to highlight the fact that the time limit for making a claim has reduced to 4 years.

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.